Snappt Unveils 2024 Fraud Report and Provides Insights and Strategies to Combat Emerging Threats in 2025
The new report explores fraud statistics from 2024 and educates the industry using collected real-world data on the latest fraud tactics and trends
Snappt, the trusted leader in fraud detection for multifamily property management, released its 2024 Fraud Report: Data, Trends, and Strategies for 2025. The report provides insights from its internal database and discusses trends multifamily operators will see in 2025.
After analyzing almost five million documents in 2024 alone, Snappt found that 6.4% of rental applications were fraudulent, with over 80,000 applications manipulated. The most common methods used by fraudsters included fake PDF generators, text insertion, and a tactic called font fail, often paired with text insertion. These results show how easy it is to commit fraud using modern tools and highlight why traditional screening methods and simplistic technologies like Optical Character Recognition aren’t enough to catch these advanced schemes.
Looking to 2025, artificial intelligence will play a vital role in streamlining operations, but it will also provide bad actors with new ways to manipulate their documents. As these applicants become more tech-savvy in their use of AI to sneak past screening platforms, it’s more crucial than ever for multifamily operators to stay ahead of the game by investing in “good AI” technology (such as multi-layer fraud detection) to fight the “bad AI.”
“As fraud continues to evolve in 2025, leveraging best-in-class document fraud detection and income verification technology is the only way to catch these bad actors before they result in financial losses,” Snappt CEO Daniel Berlind said.
Snappt is dedicated to uncovering industry trends and statistics while delivering powerful solutions to safeguard multifamily businesses. With a focus on innovation, the company remains committed to its mission of providing top-tier, multi-layer fraud defense tools. These solutions, combined with the industry’s only fraud forensics team, ensure properties stay protected against emerging fraud threats, offering unmatched security and peace of mind.
To download the report, visit https://snappt.com/blog/2024-fraud-report.
About Snappt
Snappt is an AI-powered applicant fraud detection and income verification solution for multifamily property managers. Since its inception in 2019, Snappt’s technology has been adept at identifying even the slightest document alterations, saving leasing teams time while reducing bad debt and evictions. As the market leader for fraud detection, Snappt has analyzed over 10 million documents with an impressive accuracy rate of 99.8%. They are the only fraud detection company that conducts proactive fraud research, and they were recently ranked #1 in AI on the Inc 5000 list. www.snappt.com
SOURCE Snappt
